Union Bank of India domestic advances jumps 11% YoY in Q4

The public lender reported 11.24% increase in domestic advances to Rs 8,73,592 crore in Q4 FY24 as against Rs 7,85,302 crore recorded as on Q4 FY23.

Sequentially, the domestic advances rose 0.80% in Q4 FY24 from Rs 8,66,689 crore in Q3 FY24.

The bank recorded 8.42% growth in domestic deposits to Rs 11,99,194 crore as of 31 March 2024 as against Rs 11,06,089 crore as of 31 March 2023 and 3.89% increase from Rs 11,54,325 crore as on 31 December 2023.

Domestic CASA deposits was at Rs 4,10,067 crore during the quarter, registering a growth of 4.09% year on year (YoY) and 3.29% quarter on quarter (QoQ).

The banks total Global business as on 31 March 2024 stood at Rs 21,26,369 crore, up 10.31% YoY and 2.80% QoQ.

Global gross advances jumped 11.72% YoY and 0.99% QoQ to Rs 9,04,844 crore as on 31 March 2024.

Global deposits stood at Rs 12,21,525 crore during the period under review (up 9.29% YoY and 4.19% QoQ).

Union Bank of India is engaged in the business of treasury operations, corporate and wholesale banking, retail banking operations and other banking operations. The Government of India held 83.49% stake in the bank as on 31 March 2023.

The public lender's standalone net profit climbed 59.92% to Rs 3,589.91 crore on 20.63% rise in total income to Rs 2,9137.26 crore in Q3 FY24 over Q3 FY23.

Shares of Union Bank of India ended 0.72% to settle at Rs 160.20 on Friday, 6 April 2024.

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